Rhode Island Reports More Than 500 Properties With Foreclosure Filings in July

45 percent decrease from June.

 

Rhode Island reported 505 properties with foreclosure filings for the month, a 45 percent decrease from the previous month, but still 2 percent above the level reported in July 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

“Foreclosure activity fell in Rhode Island between June and July, though it remained slightly elevated compared to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even as some states appear to be recovering slightly from the effects of recession, Rhode Island has the country’s second-highest unemployment rate at 12.7 percent in July. If it continues to climb, many homeowners may face foreclosure in the months ahead.”

 

Rhode Island ranked 39th in the country in total properties with foreclosure filings for May. One in every 893 Rhode Island housing units received a foreclosure filing during the month, ranking 28th among the 50 states.

 

Providence County posts state’s top foreclosure rate in July

Providence County posted the highest county foreclosure rate in the state for July, with one in every 591 housing units receiving a foreclosure filing. Bristol County came in second highest, with one in every 1,126 housing units receiving a foreclosure filing during the month. Kent County documented the third highest rate, where one in every 2,411 housing units received a foreclosure filing.

 

Providence County accounts for most of the state’s foreclosure activity for July

Providence County tallied the highest activity level, reporting 434 properties with foreclosure filings for the month. Kent County came in second, documenting 30 properties with foreclosure filings. Bristol County tallied 18 properties with foreclosure filings, the third highest total in the state. Washington County was fourth, reporting 17 properties with foreclosure filings reported for the month.

 

State a minor contributor to nation’s foreclosure activity in July

Rhode Island was a minor contributor to the nation’s foreclosure activity. There were 360,149 properties with foreclosure filings reported nationwide in July. Total U.S. activity rose almost 7 percent from the previous month and was more than 32 percent ahead of July 2008. One in every 355 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Rhode Island Top Foreclosure Rates By County – July 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,939

71,565

104,830

33,557

87,258

360,149

355

n/a

n/a

Rhode Island

0

0

17

0

488

505

893

0.40

n/a

 

 

 

 

 

 

 

 

 

 

Providence

0

0

13

0

421

434

591

0.60

1.51

Bristol

0

0

2

0

16

18

1,126

0.32

0.79

Kent

0

0

2

0

28

30

2,411

0.15

0.37

Washington

0

0

0

0

17

17

3,585

0.10

0.25

Newport

0

0

0

0

6

6

6,820

0.05

0.13

 

 

Rhode Island Top Foreclosure Totals by County – July 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 09

% Chg July 08

 

 

 

 

 

 

 

 

 

 

United States

62,939

71,565

104,830

33,557

87,258

360,149

355

6.74

32.32

Rhode Island

0

0

17

0

488

505

893

-44.63

2.23

 

 

 

 

 

 

 

 

 

 

Providence

0

0

13

0

421

434

591

-46.68

-0.69

Kent

0

0

2

0

28

30

2,411

-31.82

130.77

Bristol

0

0

2

0

16

18

1,126

-28.00

-5.26

Washington

0

0

0

0

17

17

3,585

-29.17

6.25

Newport

0

0

0

0

6

6

6,820

20.00

-33.33

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved